AREX Capital Management LP Sells 277,974 Shares of Cannae Holdings, Inc. (NYSE:CNNE)

AREX Capital Management LP reduced its holdings in shares of Cannae Holdings, Inc. (NYSE:CNNE - Free Report) by 22.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 940,290 shares of the company's stock after selling 277,974 shares during the period. Cannae comprises 26.6% of AREX Capital Management LP's investment portfolio, making the stock its 2nd largest holding. AREX Capital Management LP owned approximately 1.50% of Cannae worth $18,674,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of CNNE. Spire Wealth Management acquired a new stake in shares of Cannae during the fourth quarter worth about $45,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Cannae during the fourth quarter worth $76,000. R Squared Ltd purchased a new position in shares of Cannae in the 4th quarter valued at about $78,000. Nomura Asset Management Co. Ltd. boosted its stake in shares of Cannae by 133.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 4,268 shares of the company's stock worth $85,000 after acquiring an additional 2,436 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in Cannae by 457.9% in the fourth quarter. Blue Trust Inc. now owns 4,949 shares of the company's stock valued at $94,000 after purchasing an additional 4,062 shares during the last quarter. Hedge funds and other institutional investors own 88.12% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Oppenheimer reduced their price objective on Cannae from $27.00 to $22.00 and set an "outperform" rating on the stock in a research report on Friday, March 7th. Royal Bank of Canada cut their price objective on Cannae from $27.00 to $23.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th.

Cannae Stock Performance

Shares of NYSE:CNNE traded down $0.11 during trading hours on Tuesday, hitting $17.79. The stock had a trading volume of 310,293 shares, compared to its average volume of 447,210. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.55 and a current ratio of 2.55. Cannae Holdings, Inc. has a 1-year low of $15.92 and a 1-year high of $22.36. The stock's fifty day simple moving average is $17.69 and its 200 day simple moving average is $19.17. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -3.70 and a beta of 1.03.

Cannae Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.70%. The ex-dividend date was Monday, March 17th. Cannae's payout ratio is -10.17%.

Cannae announced that its Board of Directors has approved a stock buyback plan on Tuesday, March 25th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

About Cannae

Cannae Holdings, Inc is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more. It takes both minority and majority stakes. Cannae Holdings, Inc was founded in 2014 and is based in Las Vegas, Nevada.